The Chancellor Announces Support for Businesses Affected by COVID-19

18 March 2020

On 17 March 2020, the Chancellor of the Exchequer, Rishi Sunak, announced further measures since last week’s Budget to help combat the “economic emergency” of COVID-19.

Mr Sunak reiterated that “we will do whatever it takes” to help support businesses over the next year and is due to make further announcements over the next few days.

In the Budget, the Chancellor pledged £30bn of support to businesses to tackle coronavirus. He has since announced that £330bn has been made available for businesses to claim a Government-backed loan – which is equivalent to 15% of UK GDP.

Mr Sunak also announced that the Government will increase grants to the 700,000 eligible businesses under the Small Business Rate Relief scheme from £3,000 to £10,000.

Last week, the Chancellor stated that businesses within the hospitality, retail and theatre sectors with a rateable value of less than £51,000 will pay no business rates. These businesses now have access to a cash grant of £25,000 to further support them in the coming months. Plus, under an extended 100% business rates holiday, any business within these sectors will pay no business rates for the next 12 months in an attempt to help these more vulnerable businesses manage their cashflow during this period.

Mortgage lenders have also agreed to support their customers by introducing a payment holiday of up to 3 months for those who are struggling financially due to coronavirus.

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